LiveMore, a provider of financial services to customers aged 50 and over, has secured a £250m credit facility from New York’s Citi Bank.
Launched in 2020, London-based LiveMore was established to service the 50 to 90+ age group, which the company has described as being underrepresented in finance.
The company provides mortgages to older consumers and is expanding its product line to a wider range of financial services following the cash injection from Citi.
“We are thrilled to receive this credit facility from Citi, which will support our growth and expanded product offering, so we can continue to serve the often forgotten 50 to 90+ segment of the market,” said LiveMore CEO Leon Diamond.
“As a result, we can help mobilise the industry around our mission to help 50 to 90-year-old customers have genuine control of their financial lives.”
Diamond added that the company is “on track to deliver over £1bn of mortgage lending to the 50 to 90+ age demographic in the coming years” and it has “listened to the regulators and our customers, and with the support of this credit facility, we can continue to provide options for later-life borrowers underserved by high street lenders”.
A study from UK Finance into the later life mortgage market found there were “187,120 new mortgages to borrowers over 55 years of age completed in 2021, with total lending in the year of £28.1 billion”. This represented an 11% increase from the year before.